Gold Silver Prices Dip on Futures Market Weak Demand

Gold and silver prices dropped in futures trading on Tuesday, driven by weaker spot demand and increased selling pressure. On the Multi Commodity Exchange (MCX), gold contracts for December delivery fell by Rs 16, or 0.01%, to Rs 1,49,300 per 10 grams, with a business turnover of 1,281 lots. Analysts pointed to softer spot demand as the primary reason for the decline. Globally, gold futures in New York also slipped 0.20% to USD 4,131.19 per ounce.

Silver contracts for December delivery on the MCX saw a sharper decline, dropping Rs 466, or 0.21%, to Rs 2,25,621 per kg, with a business turnover of 1,938 lots. Analysts attributed the fall to a sell-off by participants. Internationally, silver prices were down 0.65% to USD 60.67 per ounce in New York.